If you’re struggling to stay on top of UK Government funding updates, you are not alone. To help you we’ve summarised the Coranvirus funding support currently available for businesses and the self-employed.
Bounce Back Loans
The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
The scheme has been extended and is now open to applications until 31 January 2021.
If you are considering applying for a Bounce Back loan or if you have already applied and you didn’t take out the maximum loan available to you and are considering topping up the loan, get in touch with us to discuss.
You can read more on Bounce Back Loans
The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
The scheme has been extended and is open until 31 January 2021.
You can read more on Coronavirus Business Interruption Loan Scheme
This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.
The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
The scheme is open for applications until 31 January 2021.
A business is eligible if:
- it is UK-incorporated – if your business is part of a corporate group, only the parent company is eligible
- it has raised at least £250,000 in equity investment from third-party investors in the last 5 years
- none of its shares are traded on a regulated market, multilateral trading facility or other listing venue
- it was incorporated on or before 31 December 2019
- at least one of the following is true: half or more employees are UK-based or half or more revenues are from UK sales
Here are more details on the Future Fund
Eat Out to Help Out Scheme
HMRC have issued guidance on information about the recovery of over-claimed Eat Out to Help Out payments. It also describes the penalties HMRC can charge.
An over-claimed Eat Out to Help Out payment includes any amount of a payment which the business was not entitled to receive.
For more details read UK Government guidance on how to pay back all or some of the payments your business claimed when taking part in the Eat Out to Help Out Payments
Please talk to us if you need assistance.
Kickstart Scheme employer resources
If you’ve been offered Kickstart Scheme funding, you can use the resources to show your support for the scheme available below:
£134 million support announced to help UK businesses build back greener
The Government is to invest to keep UK’s greenest, most innovative businesses going during coronavirus pandemic.
This includes projects to service offshore wind turbines autonomously, using AI to reduce beer waste in the brewing process and converting seaweed into compostable packaging to tackle plastic waste are set to benefit. You can find out more at Build Back Greener Support